Attorney Helping Clients from Edgefield County Protect Assets from Repossession
Like with foreclosure, repossession can be an immensely stressful experience. Bankruptcy, however, can be an extremely beneficial asset for dealing with repossession. Bankruptcy does not mean that you must forfeit your assets. If you wish to continue to make payments you may well be able to keep a vehicle or other property.
There may be several options for keeping these assets: a car, vehicle or motor home but it depends on whether or not you are current on payments, the type of bankruptcy considered and the creditor to whom you owe.
In the case of car payments there are generally four options for keeping the vehicle:
Surrender — In this case a debtor surrenders the asset in question to the creditor and following bankruptcy discharges the debt following auction.
Pay and retain — The debtor continues to pay and remains current, allowing him or her to keep his or her property.
Reaffirmation — One reaffirms the debt and makes payments so as to rebuild credit.
Redemption — In this case the debtor pays a lump-sum payment equal to the market value of the property. Many companies will offer bankruptcy loans for the market value of a vehicle.
In order to arrive at an ideal resolution following one of these options, it is critical to understand the logistics and benefits of the process.
Aiken Mobile Home Repossession Attorney
The Law Offices of Andrew C. Marine is ready to help you do whatever is possible to work with all assets you possess and help you file bankruptcy in a way that is ideal for your unique circumstances.
To discuss South Carolina bankruptcy law or any issue involving repossession, including car repossession, in an initial consultation with an Edgefield repossession lawyer, call (803) 810-0859 or email the Law Offices of Andrew C. Marine.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.